Welcome to Grant & Co

Are you...

  • Looking for a pro-active accountant who’ll help you make more profit & pay less tax?
  • Starting out in business & need financial guidance & advice?
  • Struggling with your Self Assessment tax return?

Grant & Co are an independent firm of Chartered Accountants, based in Cheltenham, Gloucestershire.

We offer a comprehensive range of cost-effective accountancy, taxation and financial services to businesses and individuals alike. We work hard to get to know you so that we can deliver personalised, timely advice on how you can improve your personal and business wealth.

Businesses

We invite you to utilise our professional expertise and skills to help you achieve your goals. Think beyond the traditional role of the accountant. We have the knowledge to assist with every stage of the life of your business from company formation and business structuring; to financial and Corporation Tax planning; to outsourcing functions such as bookkeeping, payroll and VAT; through to business succession or selling your business. We aim to actively contribute to your success and you will find our approach modern and constructive.

Individuals

We take time to understand your aims & objectives in order that we can provide the highest quality of advice on Self Assessment, tax planning, Inheritance Tax, estate planning and trusts. Tax can be a complex and confusing subject and you will appreciate the value of having an adviser who will both clarify and optimise your tax position.

To find out more about how we can help you and your business click here for an overview of our services. To find out more about us click here. To access a wealth of information visit our resource centre or view our free factsheets.

Free Tax App from Grant and Co

It’s packed full of some really useful Tax Tables, Calculators and important dates

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FREE initial consultation call 01242 223160 or use the Contact Form.


Services Individuals & businesses

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We have a range of accountancy and support services to suit both businesses and individuals.

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Resources Tools at your fingertips

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Access to really useful resources including: calculators, tax rates and allowances.

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Get in touch free initial consultation

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We would welcome the opportunity to assist you.

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The current hot topic

Basis period reform

The draft legislation for the next Finance Bill process has been released and includes a proposal to move basis period rules from a current year to a tax year basis.

The transition would take place from 2022/23 and the changes would come into effect from 2023/24, which is when the proposed introduction of Making Tax Digital for income tax self assessment (MTD for ITSA) will also take place. The effect would be that a business's profit or loss for a tax year would be the profit or loss that occurs in the actual tax year itself, regardless of its accounting date.

HMRC consults

In a consultation published alongside draft legislation, HMRC outlines the current rules for basis periods, sets out a specific proposal to simplify them and suggests transitional rules for moving to the new system. The proposal would affect the self-employed, partnerships, trusts and estates with trading income. Unincorporated businesses that do not draw up annual accounts to 31 March or 5 April and those that are in the early years of trade would also be affected.

The consultation seeks views on the detailed policy and questions which businesses are likely to be most affected by the proposal. The consultation also outlines what benefits it is likely to bring and how best to minimise the downsides.

The full consultation can be found at Basis Period Reform - Consultation (www.gov.uk)

No genuine simplification

However, the Tax Faculty at the Institute of Chartered Accountants in England and Wales (ICAEW) argues that implementing such changes ahead of the introduction of MTD for ITSA would ‘not provide any genuine simplification to the UK’s tax system’.

Instead, it says such reforms would be likely to increase costs, complexity and uncertainty for those businesses affected. It could also damage the UK’s attractiveness as a place for the location of international service firms, the ICAEW added.

The ICAEW highlights that those businesses not following the tax year are likely to have very good reasons for doing so, including aligning with 31 December, which is the international standard for tax year end.

The response also stresses the considerable difficulties that the proposed change would pose for seasonal businesses, agricultural firms and GP practices.

Not the time

The ICAEW concludes: ‘As the UK recovers from the pandemic, the one thing businesses need most of all is a period of certainty and stability. This is not the time to make this change and we urge the government to drop the proposal.’

Be prepared

A move in the basis period rules from a current year to a tax year basis could prove to be complex for businesses. Please contact us for advice on these proposals.